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Parliamentary Energy proposes to add an article in the budget is required to review the oil licensing rounds

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Parliamentary Energy proposes to add an article in the budget is required to review the oil licensing rounds




11/22/2015 17:49

Baghdad - INA / proposed to the Commission on oil and energy parliamentary member Ibrahim Bahr al-Ulum, on Sunday, adding material in the budget of 2016 obliges the Oil Ministry to review and modify licensing rounds for decades.

Uloum said in a joint press conference with a number of members of the committee and attended by Agency Iraqi News Agency, said that "90% of the production and export of crude oil comes from the subject fields for contracts with oil companies operating which constitute Asthakaguetha burden on the country's economy in light of the decrease in oil prices Service" .

"The review and negotiation of contracts with companies to improve its provisions, thus alleviating the burden on the budget."

He noted that "Article 30 indicate that the federal government and the Oil Ministry is committed to a review of contracts in the oil licensing rounds, with the assistance of houses specialized consultancy and re-negotiate with the oil companies working to amend the terms of contracts in order to preserve the country's economic interests and push to increase production and reduce costs."

And between Bahr al-Ulum that "this requires a new mechanism for cost recovery with oil prices and work to stop the wasteful burning of gas associated with oil."

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